By Umme Sutarwala - October 17, 2022 6 Mins Read
Artificial Intelligence (AI)-powered analytics are a “must-have” for enterprises today when it comes to digital transformation. Any enterprise that leans on data to manage its operations and deploys data as the primary source of information, can endorse this.
Furthermore, Daren Trousdell adds that through the power of AI and machine learning, leaders can quickly determine actionable findings through patterns, relationships, and key data drivers.
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All kinds of businesses have embraced AI in recent years. The increased usage of AI is due in large part to the fact that it enhances human productivity in numerous applications. Analytics is one task where AI can improve human performance. When businesses utilize Machine Learning (ML), AI can detect links between various data sets in ways that are much above the capability of a human being. AI can process data considerably quicker than humans can. As a result, organizations are using AI data analytics more frequently in disciplines, including product development, Customer Relationship Management (CRM), and marketing.
“At most companies, data intelligence is an ongoing initiative that increases over time. The more data that’s collected and used, the more intuitive the process becomes,” says Daren. In order to “make the most” of this growing amount of data, organizations must make it widely accessible to employees. He further adds that this will decrease the time spent between insight and action, which is ultimately another way of mitigating potential risk. Unfortunately, too many organizations produce valuable data and keep it siloed and away from key stakeholders, resulting in missed opportunities and lost revenue.
However, many companies find it difficult to not only gather enormous volumes of data but also to interpret the data and use it appropriately. As a result, they are not making the most of their expanding information resources.
Analytics is not a new discipline, however, organizations have noticed changes in the analytics tool stack because of developments in fields like AI and machine learning:
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Consolidating and integrating data silos and dispersed systems for a comprehensive understanding of what’s happening across the enterprise should be the first step businesses take when deploying and constructing a successful AI analytics solution. Modern ETL solutions, sometimes referred to as data pipelines, can autonomously sync, convert, and load data from any source into a data warehouse. This may address this significant technological and organizational barrier for the majority of businesses.
Enterprises can query and analyze their data for insights after it is stored in a central warehouse. Cloud-based storage systems are essential to meet the ever-growing quantity of data that organizations are gathering because they let them manage data at scale while lowering operating expenses and the need for IT infrastructure.
The right foundation for AI analytics, one that is appropriate for their business processes, data sources, and use cases, must be provided by firms. Others may rely on a pre-built solution backed by a third-party source while some will design and manage a solution with their own team.
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Here are some ways that firms can exploit AI-driven data analytics.
A staff of human analytics experts is not something that every company can afford. These teams are expensive, and they take a long time to complete their tasks. The advantages of data analytics may be more widely available to organizations using AI.
AI can be helpful, even for analytics experts. Analytics teams can save a ton of time by using an AI data analytics platform. Additionally, the data and analytics tools will be more beneficial to users outside the analytics division with an AI-powered analytics platform. The dashboard makes it simple for users to access data for a given time period or verify a specific Key Performance Indicator (KPI). Even better, they can query the AI themselves for analytical responses.
Concerning cost management, businesses have additional options for locating operational expense blind spots. Among the most expensive things that companies spend money on are payroll and cloud services. They can utilize AI and machine learning to go deep and discover what is causing them to overpay for cloud computing and payroll. Instead of wasting a lot of money on ineffective conversions, companies can investigate what constitutes a cost-effective marketing strategy.
Organizations can gain priceless insights and forecasts from AI-powered analytics. To choose a plan of action based on the insights or projections, however, companies can still require the expertise of an analyst. Businesses can receive data-driven suggestions for their next moves from some AI data analytics tools.
The system uses prescriptive analytics, which is supported by AI, to analyze a variety of potential solutions after taking into account insights and predictions. Based on the data, it may then suggest several courses of action the company should take and give specifics on what the company could experience if it adopted each option.
Firms can use these technologies to evaluate interactions and transactions and look for ways to enhance quality and the customer experience. AI is able to identify dangerous use trends right away (e.g., unusual drops in logins or conversion rates). Additionally, it helps identify which customers are most likely to churn, enabling teams to address problem spots immediately.
Businesses that do not employ analytics based on AI might foresee hardships. They can wind up spending a considerable amount of money on big data that isn’t being exhaustively or swiftly considered to have the most impact. Any firm operating today should assume that its competitors are already utilizing AI/ML or will do so shortly.
Enterprises can better train themselves to flourish in the era of digital commerce by ensuring data reliability and creating an AI-driven culture.
Today’s businesses have access to and can gather vast volumes of data. Because there are so many data sets, analytics professionals need tools to assist them filter through and organize them. Finding useful information still takes time, despite these tools.
This kind of work lends itself well to AI data analytics. In fact, these algorithms have a reputation for discovering ideas that a human professional would not discover on their own. In addition, AI analytics tools can do the task more quickly and efficiently. Many of these systems even allow organizations to establish criteria or ask particular questions, and the AI will then provide them with the pertinent information.
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Umme Sutarwala is a Global News Correspondent with OnDot Media. She is a media graduate with 2+ years of experience in content creation and management. Previously, she has worked with MNCs in the E-commerce and Finance domain
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